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EUR/USD toying with highs near 1.0870

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The buying interest around the common currency is picking up pace, pushing EUR/USD to daily tops in the 1.0865/70 area.

    EUR/USD bid on USD-weakness

    Spot has gathered further upside momentum following a softer tone around the greenback, as market participants seem to be cashing up recent strong gains ahead of today’s US docket.

    Mixed results from European PMIs have passed largely unnoticed today, while the speech by President Draghi will take centre stage later in the European evening.

    EUR/USD levels to watch

    The pair is now advancing 0.26% at 1.0863 facing the next resistance at 1.0969 (high Jan.28) followed by 1.1000 (psychological level) and then 1.1054 (200-day sma). On the other hand, a break below 1.0777 (post-ECB low Jan.21) would open the door to 1.0737 (38.2% Fibo of 1.0538-1.1059) and finally 1.0709 (low Jan.5).
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